A Redditch-based UK prop-tech firm, CoreTech Solutions, has been acquired by a mainland European technology consultancy for an undisclosed sum.
Establishing itself as a market-leading IT firm for the UK retail sector for over 15 years, CoreTech Solutions has been acquired by the Netherlands-headquartered specialist technology and communications company, PFM Intelligence Group as part of a merger.
The deal will see the establishment of the PFM Holding UK Ltd company as the two firms merge to become a ‘significant player’ in consumer data insights and market intelligence for the retail and infrastructure sector.
In a statement released earlier, the newly merged firm said that the deal will now allow both parties to “share their combined expertise” while continuing to “strengthen their ability to compete with and outperform the market”.
While the merger is new, the two companies have had a close working relationship for many years. PFM is already seen as the most successful footfall system integrator in the UK, with CoreTech playing a major role in this success.
Commenting on the merger, Bart Schmitz, CEO of the PFM Group, said: “The proven partnership with CoreTech was not only successful in the various complex projects but also how we envision the future for our mutual clients. Both Coretech and PFM management believe in consistent and excellent service from which we can drive innovations in both hard- and software related product offerings.
Launched in 2008, Redditch based CoreTech Solutions quickly grew to become a market leader and is a best-in-class and fast-growing provider of the state-of-the-art technology used by major UK developers, property management companies and advisors in the retail sector.
CoreTech Solutions’ technology has been deployed in shopping centres, streets, shops, stations and smart cities throughout the UK.
Currently, the firm employs 35 people and has a growing client base that includes many leading players from the UK retail property sector and transport hubs including Hammerson Plc & Network Rail.
Meanwhile, PFM Intelligence Group was founded in 1982 and is one of Europe’s leading technology consultancies. The PropTech firm works with clients to optimise their business performance by measuring and counting footfall and visitor flows through their PFM Footfall Intelligence and PFM Counting Intelligence brands.
PFM’s acquisition of CoreTech Solutions is a key part of the firm’s international expansion programme. It is the first of many investments aimed at positioning PFM towards a top 3 position on a European level.
PFM hope that the combined capabilities of both companies will create a UK business partner offering a comprehensive suite of integrated technology solutions and critical data-led customer insight to retail and infrastructure clients.
Following the acquisition, Managing Director Phil Cox will continue to run the business, alongside Operations Director Matt Hipwood, and Sales Director David Sturdy, with the CoreTech brand operating as a wholly-owned division of the PFM Group.
Commenting on the merger, Phil Cox, Managing Director, CoreTech Solutions, said: “PFM’s investment into CoreTech is a ringing endorsement of the strength of our business and client services in the UK. It also instantly increases our market share and provides us with a significant operation from which to pursue further growth, offering clients a comprehensive single point solution for all of their technology requirements.
“Both CoreTech Solutions and PFM share a similar vision and values, and together we’ll provide a significant proposition for the retail sector, and beyond. The cross-pollination of our two organisations will enable us to offer the most comprehensive range of services, delivering additional value and invaluable insights to clients.